Key Points
- Slide Insurance CEO Bruce Lucas sold 184,817 shares on May 20 at an average price of $18.78, receiving about $3.47 million. After the sale, he still directly owned 34.97 million shares worth roughly $656.8 million.
- Lucas has been actively selling shares recently, with multiple transactions in late April and May totaling millions of dollars each. The latest sale continued a steady pattern of insider divestment.
- The company recently posted solid fundamentals and returned cash to shareholders, beating quarterly EPS estimates and launching a $100 million stock buyback program. Slide Insurance also carries a moderate buy rating and a consensus price target of $24.80.
Slide Insurance Holdings, Inc. (NASDAQ:SLDE - Get Free Report) COO Shannon Lucas sold 18,279 shares of the firm's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $18.78, for a total value of $343,279.62. Following the transaction, the chief operating officer directly owned 1,165,021 shares in the company, valued at approximately $21,879,094.38. This represents a 1.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Shannon Lucas also recently made the following trade(s):
- On Tuesday, May 19th, Shannon Lucas sold 27,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.97, for a total value of $512,190.00.
- On Monday, May 18th, Shannon Lucas sold 45,000 shares of Slide Insurance stock. The stock was sold at an average price of $19.06, for a total value of $857,700.00.
- On Friday, May 15th, Shannon Lucas sold 26,692 shares of Slide Insurance stock. The stock was sold at an average price of $18.84, for a total value of $502,877.28.
- On Monday, May 11th, Shannon Lucas sold 9,000 shares of Slide Insurance stock. The stock was sold at an average price of $18.76, for a total value of $168,840.00.
- On Thursday, May 7th, Shannon Lucas sold 17,141 shares of Slide Insurance stock. The stock was sold at an average price of $18.81, for a total value of $322,422.21.
- On Monday, May 4th, Shannon Lucas sold 6,647 shares of Slide Insurance stock. The stock was sold at an average price of $18.88, for a total value of $125,495.36.
- On Friday, May 1st, Shannon Lucas sold 8,450 shares of Slide Insurance stock. The stock was sold at an average price of $18.77, for a total value of $158,606.50.
- On Wednesday, April 29th, Shannon Lucas sold 18,917 shares of Slide Insurance stock. The stock was sold at an average price of $19.24, for a total value of $363,963.08.
- On Tuesday, April 28th, Shannon Lucas sold 15,251 shares of Slide Insurance stock. The stock was sold at an average price of $18.94, for a total value of $288,853.94.
- On Monday, April 27th, Shannon Lucas sold 13,500 shares of Slide Insurance stock. The stock was sold at an average price of $18.75, for a total value of $253,125.00.
Slide Insurance Stock Performance
NASDAQ SLDE opened at $18.63 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.03. Slide Insurance Holdings, Inc. has a 52-week low of $12.53 and a 52-week high of $25.90. The business's 50-day moving average price is $18.25 and its 200 day moving average price is $17.73. The firm has a market cap of $2.13 billion and a P/E ratio of 5.18.
Slide Insurance (NASDAQ:SLDE - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.82 by $0.20. Slide Insurance had a return on equity of 48.38% and a net margin of 38.86%.The company had revenue of $389.28 million for the quarter. On average, equities research analysts expect that Slide Insurance Holdings, Inc. will post 3.51 earnings per share for the current year.
Slide Insurance announced that its Board of Directors has authorized a share buyback plan on Tuesday, April 28th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its shares are undervalued.
Institutional Investors Weigh In On Slide Insurance
Institutional investors have recently modified their holdings of the company. Great Lakes Advisors LLC purchased a new stake in shares of Slide Insurance during the 3rd quarter worth approximately $3,113,000. Fifth Third Bancorp boosted its stake in shares of Slide Insurance by 529,826.4% during the 4th quarter. Fifth Third Bancorp now owns 381,547 shares of the company's stock worth $7,433,000 after acquiring an additional 381,475 shares in the last quarter. Cyndeo Wealth Partners LLC acquired a new position in shares of Slide Insurance during the 4th quarter worth approximately $2,235,000. Federated Hermes Inc. acquired a new position in shares of Slide Insurance during the 3rd quarter worth approximately $9,471,000. Finally, Quantbot Technologies LP acquired a new position in shares of Slide Insurance during the 3rd quarter worth approximately $871,000.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the company. Wall Street Zen raised Slide Insurance from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Texas Capital raised Slide Insurance to a "strong-buy" rating in a report on Wednesday, March 18th. Barclays lifted their price objective on Slide Insurance from $29.00 to $31.00 and gave the company an "overweight" rating in a report on Wednesday, April 29th. Keefe, Bruyette & Woods lifted their price objective on Slide Insurance from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Monday, March 9th. Finally, Zacks Research lowered Slide Insurance from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $24.80.
View Our Latest Stock Report on SLDE
About Slide Insurance
(
Get Free Report)
Launched in 2021, we are a technology enabled, fast-growing, coastal specialty insurer. We focus on profitable underwriting of single family and condominium policies in the property and casualty (“P&C”) industry in coastal states along the Atlantic seaboard through our insurance subsidiary, Slide Insurance Company (“SIC”). We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies. We acquire policies both from inorganic block acquisitions and subsequent renewals, as well as new business sales through a combination of independent agents and our direct-to-consumer(“DTC”) channel, through which we sell our insurance products directly to end consumers, without the use of retailers, brokers, agents or other intermediaries.
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